There is much misunderstanding surrounding the KORUS FTA (Korean-U.S. free trade agreement) and its fine print, making it easy for America to be deceived. America’s balance of trade deficit is averaging $600 billion a year, on top of our $14 trillion national debt. While our economic problems seem dire now, now that this new FTA has been signed matters will only get worse.

By passing this agreement, Congress may very well have driven the final nail in our economy’s coffin.

With the KORUS FTA now signed into law, it will not only further deplete our manufacturing base, it will also take international trade, banking and finance out of our control, putting it the hands of the foreign World Trade Organization.

That we have even considered this disastrous trade agreement is to have contemplated economic suicide.

The following points detail why the KORUS FTA is so disastrous for America:

1. According to the Economic Policy Institute the KORUS FTA will now dramatically export more jobs – not our products, as promised – and dramatically increase our trade deficit.

2. Korea has gained unhindered liberties to change U.S. law. Even prevailing wage laws can be challenged (see chapters 11, 13 & 19 of the agreement).

3. The U.S. government has lost the ability to regulate the American banking industry.

4. KORUS will now facilitate takeovers of U.S. companies by Korean companies.

5. Korea will be able to insource low-wage jobs to the U.S., but American companies will NOT get the same access to South Korea.

6. The textile tariff reductions are not equal, American textile workers have been put further in harm’s way.

7. The beef industry will suffer now as Korea will be able to limit our inspection of Korean beef imports, despite constant refusal by Korea to import U.S. beef.

8. More foreign food is now projected to legally enter the U.S., increasing our chances of importing even more unchecked toxic food as no more than 2 percent is ever checked.

9. “Buy American” food support has become illegal as a trade impeding barrier (see chapters 2 & 6 of the agreement).

10. South Korea will continue to use import barriers that the U.S. does not use.

11. U.S. taxpayers can now become liable to South Korean companies for lost profits (see chapter 4 of the agreement).

12. There is nothing in the KORUS FTA to stop South Korea’s currency manipulating practices.

This is another “free trade” agreement that has taken away our right to do what is in the best interest of our country. Under the conditions of this “free trade”agreement, it will not be possible to accumulate anything other than a massive trade imbalance with South Korea. By selling to us below our cost, they are by design forcing our companies to move out of the country, sell out or go out of business – which has already been happening at an accelerated rate. The KORUS FTA will only hasten our demise.

Our leaders have NOT made things better for the U.S. by signing this deal. Americans must start asking the important questions – namely, who are our leaders working for? Signing a deal like this can only mean our leaders are not reading what they are signing or are working for the best interest of multinational corporations, special interest groups or foreign powers.

In 2010, our trade deficit with Korea was $10 billion. In 2011, by August our trade deficit was $8.5 billion and growing which is extrapolating to an even higher trade deficit than 2010. Everyone should monitor our trade imbalance as it grows with Korea. We predict that it will only continue to grow with the newly signed KORUS FTA.

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